Botswana

We maintain a positive outlook on Botswana over the remainder of 2007. Indeed put to the test in our recently upgraded economic and political ratings Botswana continues to fare well, although there are structural constraints on the country's performance. The economic ratings are weighed on by the heavy dependence on diamonds, a narrow portfolio of export markets and high unemployment. But balancing this, the fiscal and external accounts continue to register robust surpluses and the country's external debt burden is very modest.

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